Decentralized Finance Weekly: Trader's $7M Victory, Solana's Record, Dogecoin Spike, Radiant Capital's Repayment, MailerLite Hack
Summary:
This weekly issue of Finance Redefined provides significant developments in decentralized finance (DeFi). It covers a crypto trader's $7 million profit from SatoshiVM token launch using Banana Gun tool, Solana's record-breaking stablecoin transfer volume of $300 billion, Dogecoin's seven-day surge due to the popularity of XPayments account, Radiant Capital's start of a $4.5 million debt repayment following a flash loan exploit, and an intrusion into MailerLite resulting in a $3.3 million crypto-phishing email scam. It concludes with a market overview, showing that DeFi's top 100 tokens by market capitalization observed a bullish trend this week, and the total value in DeFi protocols remained over $71.6 billion.
Welcome to Finance Redefined, a comprehensive round-up of all the crucial information in the world of decentralized finance (DeFi) that's been making waves over the last seven days. We aim to keep you in-the-know with this weekly digest highlighting noteworthy events.
Crypto trader utilizes software tool to secure a whopping $7 million dollar windfall following the launch of the SatoshiVM token.
Taking advantage of a software application known as Banana Gun, a crypto trader managed to secure an impressive profit of $6.77 million in mere hours following the introduction of the SatoshiVM token. Utilizing this software, the trader was able to accumulate tokens prior to the formal launch, before cashing in by selling at an increased cost after the token hit the market. Allegations of missed transactions have surrounded the Banana Gun tool since its introduction, leading to a spokesperson insisting the tool is not at fault, as some token contracts permit the facilitator to move funds.
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Solana's transfer volume for stablecoins witnesses record-breaking monthly figure of $300 billion.
January saw Solana's blockchain register a record-breaking amount of stablecoin transfers, surpassing $300 billion. Currently boasting almost 32% of the market share in stablecoins, an impressive rise compared to the meager 1.2% this time last year. The increased activity of stablecoin on Solana began around October 2023, since steadily climbing by an impressive 650%. The surge was linked to transfer volumes of USD Coin (USDC) on the platform by crypto analytic tool Artemis.
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In a day, 'XPayments' account brings in over 100k followers, triggering a significant rise for Dogecoin
Dogecoin, the leading memecoin, soared to a new weekly peak after it was mentioned by a newly set-up account called 'XPayments' on social media network X, attracting over 100,000 followers in one day. Though no official confirmation regarding payment methods has been released, many X users and traders believe that DOGE may be included. This speculation can be tracked back to repeated mentions of DOGE from X's owner, Elon Musk. He has previously allowed DOGE payments for products from his other company, Tesla, and even changed the logo of Twitter to DOGE's shortly after acquiring it in April 2023, triggering a 22% surge in the coin's value.
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Starting the process to clear the $4.5 million 'bad' debts, Radiant Capital aims to recoup losses from a flash loan breach.
Radiant Capital, a cross-chain lending platform, has taken steps to repay a debt of $4.5 million sparked by a mischievous flash loan breach in early January 2024. Arranged in compliance with the RFP-27 proposal, which was agreed upon on Jan. 8, an overwhelming 73% of users backed the plan to pay off debts with funds from the Radiant DAO vault and operating costs. The incident resulted in a fall of 1.3% in the platform's total locked value.
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MailerLite's intrusion ends up abetting $3.3 million crypto-phishing email operation.
In a major event, MailerLite was infiltrated by hackers leading to numerous crypto scams and phishing attempts that tricked unsuspecting victims out of an estimated $3.3 million. Breaking into the accounts of several significant Web3 philanthropies, the hackers launched a sophisticated phishing campaign. MailerLite acknowledged that 117 accounts were breached, with a fraction of them being misused for the scam. The company cautioned that the breach may have exposed the data of clients and subscribers, meaning full names, email addresses, and any information uploaded to MailerLite could have been clicked.
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In a snapshot of the DeFi market...
Drawing data from Cointelegraph Markets Pro and TradingView, it was noted that the week was rewarding for the key 100 tokens in DeFi by market capitalization. The total value kept in DeFi protocols consistently exceeded the $71.6 billion mark.
That's it for this week's essential DeFi happenings. See you next Friday for more influential trends, stories, and insights concerning this continually evolving sector.
Published At
1/26/2024 10:20:00 PM
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